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Started By
Message
help with math on interest
Posted on 5/8/17 at 10:44 am
Posted on 5/8/17 at 10:44 am
If I get a an $8,500 loan at 3.5% interest over 30 months, how much am I looking at paying totoal/monthly? 
This post was edited on 5/8/17 at 10:56 am
5
Posted on 5/8/17 at 10:46 am to Hot Carl
Posting?
Posted on 5/8/17 at 10:56 am to b-rab2
quote:
Posting?
Posted on 5/8/17 at 11:06 am to Hot Carl
Monthly payment of $296.32. $389.68 of interest. Total of $8889.68
Posted on 5/8/17 at 11:08 am to Hot Carl
I get $296.32 monthly payments, $389.68 in interest, $8,889.68 total.
Posted on 5/8/17 at 11:14 am to Hot Carl
For future reference, bankrate.com has a lot of different calculators.
Posted on 5/8/17 at 11:26 am to Hot Carl
Google is your friend.
Posted on 5/8/17 at 1:24 pm to redfishfan
quote:
Google is your friend.
Apparently it isn't his friend.
Posted on 5/8/17 at 4:28 pm to readysetgeaux
quote:
Monthly payment of $296.32. $389.68 of interest. Total of $8889.68
This is what I was getting as well. Loan chick is telling me $330/month for $9,900. I think either her calculator is broke or she's trying to frick me.
She may also be trying trick me into a bad deal.
Posted on 5/8/17 at 4:59 pm to Hot Carl
Posted on 5/8/17 at 7:19 pm to DynaMike
quote:
DynaMike
Posted on 5/9/17 at 7:24 pm to Hot Carl
Origination fees rolled into the loan?
Posted on 5/10/17 at 2:17 pm to autodd03
quote:
Origination fees rolled into the loan?
Forgive me, as I'm not sure what that means exactly.
But she would have me paying--I haven't agreed to this yet--$330/month for 30 months on an $8,800 loan. That is $1,100 in interest, which my math, as unsophisticated as it may be, suggests 12.5% interest, rather than the 3.5 I was told.
Posted on 5/10/17 at 2:31 pm to Hot Carl
quote:
she's trying to frick me.
Posted on 5/10/17 at 2:36 pm to Hot Carl
quote:
Forgive me, as I'm not sure what that means exactly
There are fees associated with loans. The fees are probably rolled into the loan which makes the payments higher. You should have a Truth In Lending statement which details this. If you look at the statement you'll see that the amount financed is a higher figure than the loan amount.
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